WASHINGTON, D.C. (July 10, 2026) – NFIB President Brad Close joined SiriusXM Patriot’s The David Webb Show on Wednesday to update listeners on NFIB’s current efforts to repeal the Beneficial Ownership Information (BOI) reporting requirements.

Last month, NFIB launched new ads across key states urging Congress to permanently repeal the law that established the invasive and unconstitutional BOI mandate, and for the Financial Crimes Enforcement Network (FinCEN) to immediately destroy all BOI data already submitted by U.S. small businesses.

Listen to Close’s interview here.

“And before I tell you what it is, this regulation applies to only small businesses out there. This was specifically enacted into law by Congress. It only applies to businesses with 20 or fewer employees. So, this is targeted solely at small business. So, President Trump did the hard work, he exempted 32 million Americans from a reporting requirement law that would require small business owners to report all of their ownership information into a brand-new government database housed at the Treasury Department. But he needs Congress to help him. So, the next president that comes in could open this up again. So, Congress has got to repeal this law so that small business owners do not have to put all of their personal data, all the data of some of their managers and employees in there as well, too or face fines and jail time just for a paperwork violation.”

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“So, the White House did the work on this when they exempted the American small businesses, 32 million of them, from this reporting requirement. They estimated it’s going to save about $128 billion a year just in time, paperwork, and other staff work that small business owners would have to do to keep compliant with this law. And the problem is they don’t just file once. You have to file every time there’s a change in your ownership. And an owner is described as anyone who has a substantial interest in the company of at least 25% or who has kind of substantial leadership and management. So, your managers may have to register. Every time something changes, you have to reregister and according to the law, you have 30 days to do it. There is no small business owner out there who is keeping track of federal regulations and has a little chart going, ‘Alright, if I do this, now I have 30 days to file this and then I’ve got to do…’ No one is doing that. They’re running their businesses, they’re working in their communities employing people. It is a horrible law, and we want Congress to permanently ban it, get rid of it. Take advantage of the hard work the president and the administration did. Get rid of the law and destroy all the data that’s already in the system from small business owners who filed.”